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Fitbit reports a 12% fall in revenue

Fitbit reports a 12% fall in revenue
FILE PHOTO: A Fitbit devices are displayed in a store in New York City, U.S., November 4, 2019. REUTERS/Brendan McDermid   -   Copyright  BRENDAN MCDERMID(Reuters)
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(Reuters) – Wearable device maker Fitbit Inc <FIT.N> reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc <AAPL.O> and Samsung Electronics Co Ltd <005930.KS>, underscoring challenges for buyer Alphabet Inc’s <GOOGL.O> Google.

The company’s net loss widened to $51.9 million (£40.38 million), or 20 cents per share, in the third quarter ended Sept. 28, from $2.1 million, or 1 cent per share, a year earlier.

Revenue fell 11.7% to $347.2 million.

(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)

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